Toledo won the heat, 17.53-13.60, and Simpson took home $11,000 for his equal-third-place finish.
In the other semifinal, Cardoso eased past Australian Adam Melling, 15.66-8.57.
Battle for women's title
Before the all-Brazilian men's final, two talented Aussies, Tyler Wright and Stephanie Gilmore, went through an intense battle for the women's title. Wright, 20, combined top wave scores of 8.67 and 6.10 to take a 14.77-13.16 victory.
Wright received $60,000 for her win; Gilmore, 26, and a five-time world champion, $25,000 for second place.
Wright was on a roll over the weekend which started with her defeating defending U.S. Open women's champion Carissa Moore in a quarterfinal heat Saturday.
Gilmore had won each of her previous four heats before Sunday's final.
"Tyler's one of the most naturally talented surfers on the planet," Gilmore said. "She forces you to be innovative out there. I knew going into the final that this would be my toughest heat."
At the Van's Concrete Bowl Sunday, 31-year-old Gary Young of San Diego won the Van Doren Invitational BMX contest. On Saturday in the bowl, 21-year-old Raven Tershy of Santa Cruz won the Van Doren Invitational Skate final.
Also Saturday, Bailey Nagy of Hawaii won the Women's Pro Junior title and $2,000 top prize. Matt Banting of Australia, who had a strong run in the Men's Prime before he was eliminated Saturday in Round 5, came back later in the day to win the Men's Pro Junior title and a $4,500 check. In the Joel Tudor Duct Tape Invitational (longboard), 20-year-old Floridian Justin Quintal repeated as champion and earned $4,000 for his win.